None $550,000 house at 3% interest, 30 year loan, assume 2.20% property tax, average home insurance at $1000 per year. Assume the LTV is 80%.You have $850 per month student loan, no other long-term loan, your income is $90,000 per year.What is the back-end ratio?O 45.6%O 50.6%O 48.5%52.6%

Loan amount Cost of house * LTV = $550,000 * 80% = $440,000= PMT (YTM/12, NPER, PV) = PMT (30/12,…

Answered: $550,000 house at 3% interest, 30 year…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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You purchase a condominium for $125,000. The bank requires a 20% down payment. You borrow the remainder as a 30-year, 5.4% mortgage with monthly payments. What portion of the payments during the first 25 months goes toward principal? Group of answer choices 20.17% 21.25% 22.41% 20.98% 22.78%
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Maximum house you can afford. You have an income of $70,000 per year. You are applying for a 4.5%, 80% LTV, 30-year FRM. Property Taxes are 2.75% of the house value, and insurance is 0.85% of the house value. Your LTO are $525 per month. You will be qualified on a 43% back end ratio. What is the maximum house you can afford assuming you have enough saved to pay the costs at closing? If closing costs are 3.15% of the house value, how much money will you need to bring to closing? How do I solve this with a financial calculator
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$550,000 house at 3% interest, 30 year loan, assume 2.20% property tax, average home insurance at $1000 per year. Assume the LTV is 80%. You have $850 per month student loan, no other long-term loan, your income is $90,000 per year. What is the back-end ratio? O 45.6% O 50.6% O 48.5% 52.6%